August 21, 2013 / 7:17 AM / 5 years ago

China Resources says has bid for Hong Kong supermarket business

HONG KONG, Aug 21 (Reuters) - State-backed China Resources Enterprise has bid for Hong Kong super market chain ParkNShop, Chief Financial Officer Frank Lai said on Wednesday.

Reuters had earlier reported that CRE, which owns Vanguard supermarket chain and is Hong Kong’s third biggest operator, among the seven bidders to have placed indicative bids for the supermarket chain, controlled by Asia’s richest man for Li Ka-shing’s Hutchison Whampoa Ltd.

Earlier this month CRE formed a joint venture with British retailer Tesco Plc in China, under which CRE would own a 80 percent stake in the venture..

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